There's still time to make a 2018 HSA contribution
If you haven’t already maxed out for 2018, you have until April 15th to make one last contribution to your Health Savings Account (HSA) and enjoy the full advantage of the tax benefits.
2018 contribution limits
- $3,450 for individuals
- $6,900 for families
- $1,000 catch-up contribution
Why another contribution?
Your HSA is yours for life. It’s your account and you can use it to pay for health care expenses now and in the future, even into retirement. Here are three important reasons to consider making one more contribution to your HSA for 2018.
- Grow your HSA balance: Taking advantage of additional tax deductions is a great way to increase your health care savings nest egg.
- Increase your 2018 tax deductions: By making an additional HSA contribution, you may be able to increase the amount you deduct on your 2018 tax return, and in some cases, your state tax return.
- Benefit from a catch-up contribution: If you’re 55 or above, you can make an additional $1,000 contribution to your HSA to help you save for health care expenses in retirement.
FAQ for prior year contribution
How soon do I need to make the contribution?
You have until April 15th to contribute to your HSA and receive a 2018 tax deduction. But it’s a good idea to make your contribution earlier so the transaction has time to post and you have enough time to get your tax forms completed.
How much can I still contribute 2018?
Check your remaining contribution amount by logging in to the member website. Under the “Accounts” tab, choose “HSA Contributions By Tax Year.”
Where can I find my tax forms?
Form 1099-SA was mailed in January but can also be found on the member website under the "Accounts" tab. Choose “Statements” and then choose “Form 1099-SA (2018).”
How do I make an additional year end-contribution?
- Go to myhealth.bankofamerica.com and choose "Make HSA Transaction.”
- In the “From” dropdown menu, select the account you want to pull funds from.
- In the “To” dropdown menu, select “My HSA” and choose “Next.”
- Select “One-time” for Frequency and choose “Next.”
- Check the “Prior Year Contribution” box for 2018, enter the amount and choose “Next.”
- Confirm the transfer, check the disclaimer box and select "Submit."